Ochtar, founded by Jim Quille after he bought out the management of Lend Lease Global Advisors in February, will continue to invest the $US100 million Lend Lease has in the fund.

Mr Quille, the chairman and chief executive of the Macquarie Global Property Advisors, will work with his former Lend Lease director Matthew Banks, who is now head of Macquarie Property Investment Banking.

Macquarie Capital Partners will manage the joint venture under its own moniker and work with Mr Quille's clients to expand its presence in the global wholesale property funds management business.

The bank has taken an equity position in the group but declined to comment on any costs that may have entailed.

Mr Banks said the aim of the joint venture was to spread the group's presence into Asia and offer property investment advice for the region to large super-annuation and pension funds from all corners of the globe.

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"There are only five companies, including Macquarie, that have any exposure to advising about property in Asia, which is one of the reason we were picked for the joint venture deal," he said.

Stephen Girdis, head of Macquarie Property, said the new business was a strategic fit in the bank's global property expansion. He said the group now had about 40 per cent of its funds invested offshore through its listed property trusts and unlisted direct investments.

"Ochtar have been on the ground making the investments, such as a $US250 million office portfolio in Tokyo and a $US375 million property com-pany in France, but they wanted management expertise in the Asian region, which is where Macquarie fits in," Mr Girdis said.

Mr Quille said he had already divested about $US850 million in European property assets in order to focus on the expansion into Asia.

"Overseas investors now realise that Asian capital and property markets are reforming and that the region is on the cusp of a big rise, so they are keen to re-enter," he said.